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Peru Mining Report Q3 2013

Peru mining market: $23bn industry forecast by 2017

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2014-02-04 06:37:03 - Peru Mining Report Q3 2013 - a new market research report on

We maintain our view that Peru´s mining sector will grow steadily over our forecast period, driven primarily by investment in copper and gold mining projects. We forecast Peru´s mining sector will grow an average of 4.2% a year through to 2017, reaching a value of US$23.0bn. Various projects remain in early development and construction phases, and the sector presents promising growth opportunities for miners of a wide array of minerals. Investment from mining companies through to 2020 is estimated at US$53bn, although continued protests by local communities may reduce this figure as project delays mount and costs continue to rise.

Peru is a globally significant producer of several base and precious metals and we expect this mineral diversification to benefit miners



exploring for and developing new deposits. The country maintains one of the strongest project pipelines in the Americas region, with copper projects accounting for the largest proportion of new mine projects and expansions. The sector is dominated by global copper mining majors including Southern Copper (a division of Grupo México), Freeport McMoRan and Xstrata, which are seeking to boost output through expanding existing operations and undertaking new investment projects.

Although Peru will remain a key global producer of other metals such as zinc, silver, and tin, we see more modest production growth for zinc and silver, and a slight contraction for tin. Market fundamentals for these metals are less favourable for investors to seek new projects. Though we expect tin prices to remain elevated, miners face particularly high hurdles developing and financing new tin projects, thus leading to a slight contraction in output over the forecast period.

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Mike King
Phone: London: +44 (0) 203 086 8600

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